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Accounting principles Assignment Help

Accounting is basically a work of numbers management and finance management. In other words, accounting is the study of managing books and monetary flow of any individual, company or a group. This procedure of accounting is withheld by some principles. These are called Accounting principles. Accounting principles are mainly those rules and guidelines that the individual, company or the group managing the accounting have to follow. The companies have to keep in mind these accounting principles while making the financial report.

Accounting principles are mostly confined by the Generally Accepted Accounting Principles (GAAP) which helps in standardising the different definitions and parameters of accounting and accounting techniques. Apart from GAAP, FASB and IASB are also accounting standards set makers. FASB or Financial Accounting Standards board, is a private sector firm based in United States of America whereas IASB, which is International Accounting Standards Board, is an internationally approved version of FASB.

There are a number of accounting standards and principles, some of the main principles are:

1. Cost Principle:

This principle stat that the companies and firms should only state their assets, liabilities and equity investments with its original purchasing costs.

2. Accrual Principle:

This principle emphasises on recording the financial transactions as soon as it occurs. It should be recorded at the very time of transaction rather than when cash flows statements are prepared.

3. Consistency Principle:

This principle stats the companies and firms to use a principle with consistency until a better version of that accounting principle is derived. Not following this principle can lead to long term financial handling problems for the firm.

4. Economic Entity Principle:

This principle stats that all the transactions of the firm or business should be maintained in the books separate, from its owners and other ventures. This helps in no confusion of the accounting of different businesses and other accounts mingling with one another.

5. Full Disclosure Principle:

This principle ensures that all the other important information besides the financial statements are mentioned for the readers to get acknowledged about the ongoing conditions and preferences of the financial statements.

6. Matching Principle:

This principle of accounting stats that the revenues when recorded, all the other expenses related to that particular revenue should also be stated notably. It helps in managing the accounting with ease and is a main part of the accrual basis of accounting.

7. Materiality Principle:

Materiality principal simply states that all the transactions should be recorded in the accounting books accordingly. If the transactions are not regularly tracked with the accounting books, then it may affect the financial management of the firm and also can alter the mind of reading the accounting books.

8. Monetary Unit Principle:

This principle stats that all the transactions which are recorded in the accounting books should be in terms unit of currency only. This makes it easier to correlate purchases and transactions within the accounting window. It helps eventually in deriving the values of assets and liabilities without any hassle.

9. Reliability Principle:

Reliability principle is concerned with stating those transactions only which can be proven. In other words, transactions which are evidence supporting transactions. For example, when you buy some goods from a shop and the shopkeeper gives you a receipt of your purchase, then that is called evidence supporting transactions and it comes under Reliability principle concept.

10. Time Period Principle:

This principle is concerned with the idea of any company or organisation reporting the results and outcomes of their operations within very standard period of time. It is one of the important accounting principles and helps innumerably for the company' good fortune.

These principles are a whole bunch of standards which usually becomes very confusing and uneasy for the students in learning and they usually get confused between these principles and guidelines. So, to help that confusion and doubts to get cleared, we have a number of services that provide accounting principles solutions and also solutions to assignments assigned to them from schools and colleges. You can choose the Accounting homework help or Accounting Project help. Our team will provide expert opinions and hand-to-hand help with the assignments and project completion. The competition of the work is prior done to the deadline and our service is also fast and reliable. The information on the topics of projects will not be compromised at any cost. The best teachers are assigned to the work as per the nature of the question or work. Our teachers are available round-the-clock to help in doing the work. Connect to us and let us know what can we help you with.

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